Apache Capital and joint venture partner Moda Living are to go live with its plans later this month to deliver a 720-home build-to-rent community in Birmingham.
Subject to planning, this will be the JV’s second site under development in the city after ‘The Mercian’, which at 42 storeys is Birmingham and the Midlands’ tallest residential tower under construction, with a further 13 stories recently being granted by Birmingham City Council. The construction of the Mercian has been financed by a £118m debt facility from Goldman Sachs, the US investment bank’s first ever UK BTR development loan.
Moda and Apache Capital will account for a total investment of £445m and 1,200 homes in Birmingham. This will support Birmingham’s ‘Big City Plan’ and account for massive 24% of the councils target of 5,000 new homes in the city.